Deutsche arm buys two full Queens blocks

RREEF Property Trust completed the $76M purchase in two separate deals

226th-228th Streets between 145th Road and 146th Avenue (Credit: Google Maps)
226th-228th Streets between 145th Road and 146th Avenue (Credit: Google Maps)

Deutsche Bank‘s real estate investment management arm has snatched up six parcels across two city blocks in outer Queens for $76 million.

RREEF Property Trust, which is run by Deutsche Assets Management, bought the land in two separate deals. On Tuesday, city records showed that the firm purchased a 106,000-square-foot warehouse by JFK Airport at 145-68 228th Street for $43 million. On Wednesday, it purchased five additional parcels for $33 million. Those five parcels include two parking lots and two more warehouses.

The six parcels span a pair of city blocks between 226th and 228th streets and between 145 Road and 146 Avenue.

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RREEF did not respond to requests for comment about what it intends to do with the properties.

Officials announced at the beginning of the year that they are planning a $10 billion renovation of JFK Airport, including expanding newer terminals and redeveloping older ones. Additionally, Linx Industries is marketing its 11-acre site by the airport as a possible shopping center.